Monthly Archives: July 2022

Treatment of Grant Receipts / Income in ITR and Financial Statements

Dear Members, Some NGO treat ” Grant utilised ” as Grant Receipt/Income in both – Financial statement and in ITR. They do not show Grant Received as  Grant receipt/ income. Is it the correct way as per income tax act … Continue reading

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Latest Changes in Compounding of offences under FCRA – 2022

Compounding of offences along with penalties S. No. Offence Penalty Comments, if any 1. Accepting Hospitality without Permission Rs 10,000/- Introduced in 2018, no change in 2022 2. Transfer of FC to a person who does not have FCRA / … Continue reading

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Major Changes in FCRA Rules – 2022

Qtly disclosure of FC rec’d no longer requiredRule 13 (b) which required that FC rec’d in a quarter needs to be disclosed within 15 days has now been removed from FCRA rules. This means there is no need for publishing … Continue reading

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